Comprehensive Stock Comparison
Compare The Bank of Nova Scotia (BNS) vs JPMorgan Chase & Co. (JPM) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | BNS | 148.2% revenue growth vs JPM's 14.6% |
| Value | BNS | Lower P/E (9.3x vs 13.9x) |
| Quality / Margins | JPM | 21.6% net margin vs BNS's 10.6% |
| Stability / Safety | BNS | Beta 0.39 vs JPM's 1.00 |
| Dividends | BNS | 4.2% yield, 1-year raise streak, vs JPM's 1.7% |
| Momentum (1Y) | BNS | +58.9% vs JPM's +15.7% |
| Efficiency (ROA) | JPM | 1.3% ROA vs BNS's 0.5%, ROIC 5.4% vs 1.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
The Bank of Nova Scotia is a major Canadian multinational bank providing retail, commercial, and investment banking services across Canada and international markets. It generates revenue primarily through net interest income from lending activities (about 60% of total revenue) and non-interest income from wealth management, capital markets, and transaction fees. Its key competitive advantage is its extensive international banking network across Latin America and the Caribbean—often called the "Pacific Alliance" strategy—which provides geographic diversification and growth opportunities beyond the mature Canadian market.
JPMorgan Chase is a global financial services giant that operates as a universal bank offering consumer banking, investment banking, commercial banking, and asset management services. It generates revenue primarily through net interest income from lending activities (about 50% of total revenue) and non-interest income from investment banking fees, trading, asset management, and card services. The company's key competitive advantage lies in its massive scale, diversified revenue streams, and fortress balance sheet—which together create significant barriers to entry and provide stability through economic cycles.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
JPM leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). BNS leads in 1 (Risk & Volatility). 2 tied.
Financial Metrics (TTM)
JPM is the larger business by revenue, generating $270.8B annually — 3.7x BNS's $73.2B. JPM is the more profitable business, keeping 21.6% of every revenue dollar as net income compared to BNS's 10.6%.
| Metric | BNSThe Bank of Nova … | JPMJPMorgan Chase & … |
|---|---|---|
| RevenueTrailing 12 months | $73.2B | $270.8B |
| EBITDAEarnings before interest/tax | $12.1B | $81.3B |
| Net IncomeAfter-tax profit | $7.8B | $58.0B |
| Free Cash FlowCash after capex | $5.1B | -$119.7B |
| Gross MarginGross profit ÷ Revenue | +44.3% | +58.6% |
| Operating MarginEBIT ÷ Revenue | +14.4% | +27.7% |
| Net MarginNet income ÷ Revenue | +10.6% | +21.6% |
| FCF MarginFCF ÷ Revenue | +6.9% | -15.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +35.2% | +16.0% |
Valuation Metrics
At 15.2x trailing earnings, JPM trades at a 17% valuation discount to BNS's 18.2x P/E. Adjusting for growth (PEG ratio), JPM offers better value at 1.17x vs BNS's 12.74x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | BNSThe Bank of Nova … | JPMJPMorgan Chase & … |
|---|---|---|
| Market CapShares × price | $93.7B | $809.7B |
| Enterprise ValueMkt cap + debt − cash | $413.7B | $1.09T |
| Trailing P/EPrice ÷ TTM EPS | 18.22x | 15.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 9.29x | 13.93x |
| PEG RatioP/E ÷ EPS growth rate | 12.74x | 1.17x |
| EV / EBITDAEnterprise value multiple | 46.74x | 13.15x |
| Price / SalesMarket cap ÷ Revenue | 1.75x | 2.99x |
| Price / BookPrice ÷ Book value/share | 1.46x | 2.51x |
| Price / FCFMarket cap ÷ FCF | 25.33x | — |
Profitability & Efficiency
JPM delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $9 for BNS. JPM carries lower financial leverage with a 2.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to BNS's 5.69x. On the Piotroski fundamental quality scale (0–9), JPM scores 5/9 vs BNS's 3/9, reflecting solid financial health.
| Metric | BNSThe Bank of Nova … | JPMJPMorgan Chase & … |
|---|---|---|
| ROE (TTM)Return on equity | +8.8% | +16.1% |
| ROA (TTM)Return on assets | +0.5% | +1.3% |
| ROICReturn on invested capital | +1.6% | +5.4% |
| ROCEReturn on capital employed | +1.9% | +8.2% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | 5.69x | 2.18x |
| Net DebtTotal debt minus cash | $438.1B | $281.8B |
| Cash & Equiv.Liquid assets | $66.0B | $469.3B |
| Total DebtShort + long-term debt | $504.0B | $751.1B |
| Interest CoverageEBIT ÷ Interest expense | 0.28x | 0.74x |
Total Returns (with DRIP)
A $10,000 investment in JPM five years ago would be worth $21,449 today (with dividends reinvested), compared to $15,258 for BNS. Over the past 12 months, BNS leads with a +58.9% total return vs JPM's +15.7%. The 3-year compound annual growth rate (CAGR) favors JPM at 30.0% vs BNS's 19.8% — a key indicator of consistent wealth creation.
| Metric | BNSThe Bank of Nova … | JPMJPMorgan Chase & … |
|---|---|---|
| YTD ReturnYear-to-date | +2.7% | -7.3% |
| 1-Year ReturnPast 12 months | +58.9% | +15.7% |
| 3-Year ReturnCumulative with dividends | +72.0% | +119.7% |
| 5-Year ReturnCumulative with dividends | +52.6% | +114.5% |
| 10-Year ReturnCumulative with dividends | +159.2% | +497.7% |
| CAGR (3Y)Annualised 3-year return | +19.8% | +30.0% |
Risk & Volatility
BNS is the less volatile stock with a 0.39 beta — it tends to amplify market swings less than JPM's 1.00 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BNS currently trades 96.8% from its 52-week high vs JPM's 89.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BNSThe Bank of Nova … | JPMJPMorgan Chase & … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.39x | 1.00x |
| 52-Week HighHighest price in past year | $78.28 | $337.25 |
| 52-Week LowLowest price in past year | $44.09 | $202.16 |
| % of 52W HighCurrent price vs 52-week peak | +96.8% | +89.0% |
| RSI (14)Momentum oscillator 0–100 | 57.2 | 48.1 |
| Avg Volume (50D)Average daily shares traded | 1.7M | 9.0M |
Analyst Outlook
Wall Street rates BNS as "Buy" and JPM as "Buy". Consensus price targets imply 11.9% upside for JPM (target: $336) vs -4.8% for BNS (target: $72). For income investors, BNS offers the higher dividend yield at 4.16% vs JPM's 1.71%.
| Metric | BNSThe Bank of Nova … | JPMJPMorgan Chase & … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $72.15 | $336.10 |
| # AnalystsCovering analysts | 19 | 60 |
| Dividend YieldAnnual dividend ÷ price | +4.2% | +1.7% |
| Dividend StreakConsecutive years of raises | 1 | 14 |
| Dividend / ShareAnnual DPS | $4.31 | $5.13 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.7% | +3.5% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| The Bank of Nova Sc… (BNS) | 100 | 143.65 | +43.6% |
| JPMorgan Chase & Co. (JPM) | 100 | 265.39 | +165.4% |
JPMorgan Chase & Co. (JPM) returned +114% over 5 years vs The Bank of Nova Sc… (BNS)'s +53%. A $10,000 investment in JPM 5 years ago would be worth $21,449 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Bank of Nova Sc… (BNS) | $25.9B | $73.2B | +182.1% |
| JPMorgan Chase & Co. (JPM) | $106.4B | $270.8B | +154.5% |
The Bank of Nova Scotia's revenue grew from $25.9B (2016) to $73.2B (2025) — a 12.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Bank of Nova Sc… (BNS) | 27.4% | 10.6% | -61.2% |
| JPMorgan Chase & Co. (JPM) | 23.2% | 21.6% | -7.1% |
The Bank of Nova Scotia's net margin went from 27% (2016) to 11% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| The Bank of Nova Sc… (BNS) | 9.9 | 13 | +31.3% |
| JPMorgan Chase & Co. (JPM) | 16.9 | 12.1 | -28.4% |
The Bank of Nova Scotia has traded in a 6x–13x P/E range over 9 years; current trailing P/E is ~18x. JPMorgan Chase & Co. has traded in a 10x–17x P/E range over 8 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| The Bank of Nova Sc… (BNS) | 5.77 | 5.69 | -1.4% |
| JPMorgan Chase & Co. (JPM) | 6.19 | 19.75 | +219.1% |
The Bank of Nova Scotia's EPS grew from $5.77 (2016) to $5.69 (2025) — a -0% CAGR.
Chart 6Free Cash Flow — 5 Years
The Bank of Nova Scotia generated $5B FCF in 2025 (+138% vs 2021). JPMorgan Chase & Co. generated $-42B FCF in 2024 (-154% vs 2021).
BNS vs JPM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BNS or JPM a better buy right now?
JPMorgan Chase & Co. (JPM) offers the better valuation at 15.2x trailing P/E (13.9x forward), making it the more compelling value choice. Analysts rate The Bank of Nova Scotia (BNS) a "Buy" — based on 19 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BNS or JPM?
On trailing P/E, JPMorgan Chase & Co. (JPM) is the cheapest at 15.2x versus The Bank of Nova Scotia at 18.2x. On forward P/E, The Bank of Nova Scotia is actually cheaper at 9.3x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: JPMorgan Chase & Co. wins at 1.07x versus The Bank of Nova Scotia's 6.49x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — BNS or JPM?
Over the past 5 years, JPMorgan Chase & Co. (JPM) delivered a total return of +114.5%, compared to +52.6% for The Bank of Nova Scotia (BNS). A $10,000 investment in JPM five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: JPM returned +497.7% versus BNS's +159.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BNS or JPM?
By beta (market sensitivity over 5 years), The Bank of Nova Scotia (BNS) is the lower-risk stock at 0.39β versus JPMorgan Chase & Co.'s 1.00β — meaning JPM is approximately 156% more volatile than BNS relative to the S&P 500. On balance sheet safety, JPMorgan Chase & Co. (JPM) carries a lower debt/equity ratio of 2% versus 6% for The Bank of Nova Scotia — giving it more financial flexibility in a downturn.
05Which has better profit margins — BNS or JPM?
JPMorgan Chase & Co. (JPM) is the more profitable company, earning 21.6% net margin versus 10.6% for The Bank of Nova Scotia — meaning it keeps 21.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: JPM leads at 27.7% versus 14.4% for BNS. At the gross margin level — before operating expenses — JPM leads at 58.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BNS or JPM more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, JPMorgan Chase & Co. (JPM) is the more undervalued stock at a PEG of 1.07x versus The Bank of Nova Scotia's 6.49x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, The Bank of Nova Scotia (BNS) trades at 9.3x forward P/E versus 13.9x for JPMorgan Chase & Co. — 4.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for JPM: 11.9% to $336.10.
07Which pays a better dividend — BNS or JPM?
All stocks in this comparison pay dividends. The Bank of Nova Scotia (BNS) offers the highest yield at 4.2%, versus 1.7% for JPMorgan Chase & Co. (JPM).
08Is BNS or JPM better for a retirement portfolio?
For long-horizon retirement investors, The Bank of Nova Scotia (BNS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.39), 4.2% yield, +159.2% 10Y return). Both have compounded well over 10 years (BNS: +159.2%, JPM: +497.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BNS and JPM?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: BNS is a mid-cap income-oriented stock; JPM is a large-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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